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Today’s Summary
Monday, March 20th, 2023
Indices: Dow +1.20% | Russell 2000 +1.11% | S&P 500 +0.89% | Nasdaq 100 +0.34%
Sectors: All 11 sectors closed higher. Materials led, gaining +1.62%. Utilities lagged, but still inched higher by +0.04%.
Commodities: Crude Oil futures rose +1.33% to $67.82 per barrel. Gold futures rose +0.47% to an 11-month high of $1,983 per ounce.
Currencies: The US Dollar Index dropped -0.54% to $103.31.
Crypto: Bitcoin fell -1.19% to $27,720. Ethereum dropped -2.89% to $1,734.
Interest Rates: The US 10-year Treasury yield rose to 3.488%.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Gold closed back above the former 2011 highs. $GC_F $GLD
👀 pic.twitter.com/SgLUwxkXMi
— Ian Culley (@IanCulley) March 20, 2023
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Gold poked its head above $2,000/oz. today, and closed at its highest level in nearly a year. Ian points out that it’s back above the 2011 highs, which are around $1,925/oz. Gold has looked technically attractive for three years now, as its been in the process of emerging from the mother of all bases. However, it’s been unable to make a meaningful leg higher despite two prior break out attempts in 2020 & 2022. Will the third time be the charm? The next upside objective will be the 2020/2022 all-time highs, which are around $2,070/oz. Above $2,070/oz is blue-sky territory for Gold, meaning there’s no price memory to prevent it from making a new leg higher.
Quote of the Day
“There’s no fever like gold fever.” Â
– Richard Russell
Top Links
March Seasonality Prevails, Banking Fiasco Be Damned – Almanac Trader
Seasonality expert, Jeff Hirsch points out that the second half of March has historically been stronger than the first half of the month.
Yellow Rocks Over Falling Stocks – Grindstone Intelligence
Austin Harrison takes a look at the recent moves in Precious Metals.
New Uptrends Emerging – All Star Charts
JC Parets examines the outlook for Gold & Bitcoin.
Three Stocks Thriving Despite Market Uncertainty – See it Market
David Killer highlights three stocks that are showing relative strength – $NVDA, $META, $AMD.
Trendlines over Headlines | Assessing the Damage after the Banks Break – The Chart Report
In this episode, Brian Lund of the Lund Loop joins us to make sense of the markets. We look at the broader market, Banks, Crude Oil, Pot Stocks, Crypto and more!
Top Tweets
The S&P 500 finally posted a better day than the Nasdaq 100, breaking a 12-day streak of outperformance from the tech index.
Was the longest streak since Feb. 2017 (and Feb. 2005 before that)
— Callie Cox (@callieabost) March 20, 2023
Microsoft $MSFT didn't get the memo …
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/fCYknY6w13
— StockMKTNewz – Evan (@StockMKTNewz) March 20, 2023
Since 2000 the 2nd half of March in $SPX has been bullish after bottoming around the 12th, ending the month +1.2% on average. This is year is on a similar path: pic.twitter.com/01wS05ujmE
— Optuma (@Optuma) March 20, 2023
#ES_F, 1d
Market has been confused for the last 10 months… but don't worry, this confusion will be soon over. One side will eventually win and we'll say good bye to the 4000 level. pic.twitter.com/lDpf1tF7Xg
— Yuriy Matso (@yuriymatso) March 20, 2023
large-caps are outperforming small-caps by the most since March 2020 so far this month pic.twitter.com/6rrl6SwWxo
— Katie Greifeld (@kgreifeld) March 20, 2023
Growth vs. Value has gotten a bounce from the January lows but remains below key level that was a swing low in May '22 and resistance in Nov. '22. pic.twitter.com/0KpU1uyhXO
— Andrew Thrasher, CMT (@AndrewThrasher) March 20, 2023
The Nasdaq Index rose 4.41% last week. It concerns me that the number of stocks making new highs has been falling since February and are not expanding. #stockmarket pic.twitter.com/QZHlgazncb
— Bonnie Gortler (@Optiongirl) March 19, 2023
I think the fed finally broke inflation last week. The price action from crude oil supports this. $CL_F just resolved lower from a bearish continuation pattern below a downward-sloping 200-day moving average.. in doing so, it violated the 2018 highs and AVWAP from all-time lows pic.twitter.com/0TUCgcbf9k
— Steven Strazza (@sstrazza) March 20, 2023
The thick horizontal line that stretches across the page to this month, $GLD has not had a monthly close above those 2011 highs. in August 2020 the GLD daily high was a short-lived pop to 194.45, yet later that month GLD closed much lower. What’s next? https://t.co/VQ6mpJIUpq pic.twitter.com/57lQ73o03q
— Michele 'Mish' Schneider (@marketminute) March 20, 2023
$GLC vs. $DBC – 2 Week Rate of Change in this ratio reaching levels not seen since the great financial crisis. pic.twitter.com/t8ebBJZ5cX
— Larry Thompson (@HostileCharts) March 19, 2023
JPMORGAN CHASE OWNED BAGS OF MATERIAL KEPT IN A DUTCH WAREHOUSE THAT WERE SUPPOSED TO CONTAIN NICKEL BUT TURNED OUT TO BE FULL OF STONES – WSJ
— *Walter Bloomberg (@DeItaone) March 20, 2023